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Tax Day is just around the corner. Traditionally, Tax Day is April 15, but in 2023, taxpayers get a break as the tax filing deadline is delayed for all individual taxpayers until Tuesday, April 18, 2023. That’s the date most taxpayers will need to have their tax returns—or requests for extension—in the mail or electronically filed. More than 168 million individual tax returns are expected to be filed, with the vast majority coming before the tax deadline.
Tax season may be running much smoother than in recent years past, but it’s still causing hiccups for taxpayers. Here’s a look at some issues that may be causing confusion:
A question about cryptocurrency is still at the top of Form 1040. This year, it’s framed as digital assets to include NFTs and asks, “At any time during 2022,: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” All taxpayers must answer the question.
Some tax enhancements were not extended through 2022. That includes the child tax credit, which was rolled back to $2,000 per qualifying child. The child and dependent care tax credit also looks different—for 2022, the credit is nonrefundable. Also tweaked? The minimum (25) and maximum (65) ages to claim the EITC in 2022—these are different from 2021.
If you made a switch during the Great Resignation to freelancing, you might not be used to the new-again Form 1099-NEC, Nonemployee Compensation. Reintroduced in 2020, it’s used to report nonemployee compensation—that’s no longer on Form 1099-MISC.
Taxpayers with credit card and payment app accounts expected to be hit with additional tax forms under new reporting requirements for Form 1099-K, Payment Card and Third Party Network Transactions, but that didn’t happen after all. The threshold remains $20,000/200 transactions and not $600. The changes were scheduled to go into effect for this filing season, but the IRS announced that 2023 would, instead, be a transition year.
There is no longer an above-the-line deduction for charitable contributions—only those taxpayers who itemize could claim the deduction in 2022.
Miscellaneous deductions which exceed 2% of your AGI were eliminated beginning in 2018, and that’s still true in 2022. That means there is no home office deduction for employees—there are no Covid or work-from-home exceptions.
Questions
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March 09, 2023 at 01:21AM
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